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Hub International unit buys mid-market broker Fotek

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Hub International unit buys mid-market broker Fotek

Hub International Northeast Ltd., a subsidiary of insurance brokerage Hub International Ltd., has acquired Wall, New Jersey-based middle-market employee benefits broker Fotek Insurance Agency Inc.

A spokeswoman for Chicago-based Hub declined to disclose the terms of the deal announced Thursday.

Fotek's services will expand to include strategic benefits planning, population health management, employee engagement and communication, health care reform guidance and compliance, and exchange technology solutions, Hub said in the statement.

Further, the acquisition allows Hub to leverage Fotek's benefits expertise, while Fotek will utilize Hub's resources in business development, underwriting and analytics, according to the statement.

“Health care regulations are rapidly evolving and Fotek's expertise in New Jersey, combined with Hub's resources, will bring a more robust benefits solution to middle-market companies in the state,” Hub International Northeast President Joe Torella said in the statement.

Fotek President James Foglio will join Hub as senior vice president, while Fotex operations will remain in Wall, Hub said in the statement.

“Hub's innovative retail and wholesale solutions expand our employee benefits offering for personal and commercial insurance,” Mr. Foglio said. “These value-added solutions enable us to quickly evolve to meet the demands the market is asking for to deal with the increasing complexity of benefits.”

Hub Northeast's network includes 15 locations and more than 650 employees throughout New York, New Jersey, Connecticut, Pennsylvania, and Rhode Island, according to the statement.

The deal is the latest in a series of middle-market acquisitions completed by Hub, which has closed 26 deals this year and is on track to close more than 30 by year's end, Director of Mergers and Acquisitions Clark Wormer told Business Insurance.

Hub was ranked the ninth-largest insurance brokerage worldwide by Business Insurance in its latest ranking.

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